Clara transfers land with a $30,000 adjusted basis to Temple Corporation in a Section 351 exchange. In return, Clara receives the following consideration:

Consideration: FMV:

100 shares of common stock $100,000

50 shares of preferred stock $50,000

Cash $20,000

1. What is the realized and recognized amount of Claras gain or loss?

2. What is Claras basis in her common and preferred stock?

3. What is Temples basis in the land?